A late-session push by iShares Silver Trust (NYSEArca: SLV) carried the exchange traded fund (ETF) over $43 a share for the first time while gold prices homed in on $1,500 an ounce.

The iShares Silver Trust was up more than 1% in afternoon trading Tuesday, rising again in the wake of Standard & Poor’s warning on the U.S. debt load.

The U.S. dollar weakened against rivals as precious metals were bid higher.

Gold has gained 32% in the past 12 months, while silver prices have more than doubled, Bloomberg reported.

“The U.S. credit rating will undoubtedly be lowered in the next few years,” said Michael Pento, a senior economist at Euro Pacific Capital, according to the report. “This will mean much higher borrowing costs and a much lower currency. International investors have been using gold and silver as an alternative currency and an alternative to the dollar, and this will only exacerbate and accelerate that process.”

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